"Forecasting" Please respond to the following:
Compare and contrast the major strengths and weaknesses of analytic and nonanalytic forecasting.
Provide one (1) example of each method being used in a real-world scenario to support your answer.
Discuss the importance of the four (4) guiding principles of forecasting.
Next, select one (1) principle and discuss how to apply it in a real world scenario. Complete the problems on the attachment and show your work.
1. Indicate the different ways an individual could forecast his or her weight 10 years from now. Do these methods change based upon whether the individual is 5, 14, 24, or 45 years old? If so, why?
2. Provide examples from the field of health services management of phenomena that are probably best forecasted using genius forecasting. Why?
3. Calculate the expected number of infants needing neonatal intensive care in a hospital if the historic rate is 5 per 1000 births, and you expect 575 births this year.
4. If the annual death rate from smoking is 154 deaths per 100,000 persons, and death rate from firearms is 13.5 deaths per 100,000 persons, how from these causes would you expect in a community of 1 million people?